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SBF scheduled to testify tomorrow at US House hearing on FTX collapse

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Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#121

Post by vgel »

JumpCrisscross wrote: post #3
andrejguran wrote: post #2

If someone has a direct contact to someone from the committee please forward them this video: https://www.youtube.com/watch?v=4o_jPzBZSIo

Did they write anything up?

tl;dw: It's hard to get SBF to admit to fraud involving Alameda because he can fall back on the excuse that he wasn't the CEO and didn't know what was happening (even though there's every chance he actually did). So the youtuber hit him with a more targeted question: if FTX guarantees deposits are not traded, why were deposits not able to be withdrawn -- where did they go? He gets SBF to admit that they were commingling regular deposits with funds from customers doing riskier things like margin trading, and during the run those riskier users withdrew funds that should have been deposits that were set aside in a separate pool. That exposed regular depositors to risk contrary to what was laid out in the TOS. SBF gets mad and lashes out.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#122

Post by ryanwhitney »

SV_BubbleTime wrote: post #96
VLM wrote: post #79

Earlier quoted context omitted.

He was a political donor, not going to happen LOL

He made donations to Democrats and clearly favored them. It seems FTX made donations to Republicans when they thought they could buy regulatory influence. So while I'd rather see him questioned under the upcoming house, not the current one, nothing would happen either way.

SBF: “I donated to both parties. I donated about the same amount to both parties,”

https://www.theguardian.com/technology/2022/nov/30/ftx-billi...

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#123

Post by mr90210 »

sushid wrote: post #114
throwthere wrote: post #50

Having followed a lot of the SBF discussion since he keeps giving interviews, here's the FAQ-- 1) How did you lose $5ish billion of customer deposits? - They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX. 2) Why didn't you track them? - There was a bug in the dashboard. I made a b…

In a nutshell, he ran FTX like Mt. Gox. He did't know what he was doing but just on a bigger scale than ever.

If you truly believe that he didn’t know what he was doing then he managed to successfully paint the narrative of a naive young entrepreneur. He knew what he was doing.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#124

Post by Kiro »

swellguy wrote: post #6

Does anyone else find it extremely ironical that FTX happened in crypto? Wasn't FTX one of the things crypto was meant to solve?

There's a flagged sibling comment here that I think should be the most upvoted one. The other replies trying to clear up the confusion are also downvoted. What's going on? Why are generic flame wars upvoted instead?

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#125

Post by zoklet-enjoyer »

rPlayer6554 wrote: post #95
zeven7 wrote: post #76

Earlier quoted context omitted.

> These controls were skipped because SBF was convinced he was doing something extremely novel and complicated and such old-school concepts would only hinder his ability to execute on his brilliant ideas. Don't let him sell the story that it was all very complex and he made a bunch of mistakes and he should have done better. They used Snapchat for company messaging so there wound't be records. This wasn't a mistake d…

Woah source needed on the Snapchat for company messaging. I gotta see this.

I heard they used Signal, which can have disappearing messages

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#126

Post by gnud_man »

SV_BubbleTime wrote: post #96
VLM wrote: post #79

Earlier quoted context omitted.

He was a political donor, not going to happen LOL

He made donations to Democrats and clearly favored them. It seems FTX made donations to Republicans when they thought they could buy regulatory influence. So while I'd rather see him questioned under the upcoming house, not the current one, nothing would happen either way.

He made dark money donations to Republicans according to him as well. We don't know the scale of those dark money donations, which is certainly convenient for those involved. Your last line betrays the issues with the post you've made.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#127

Post by whimsicalism »

vgel wrote: post #121
JumpCrisscross wrote: post #3

Earlier quoted context omitted.

Did they write anything up?

tl;dw: It's hard to get SBF to admit to fraud involving Alameda because he can fall back on the excuse that he wasn't the CEO and didn't know what was happening (even though there's every chance he actually did). So the youtuber hit him with a more targeted question: if FTX guarantees deposits are not traded, why were deposits not able to be withdrawn -- where did they go? He gets SBF to admit that they were commingl…

Seems like he has been admitting this constantly, don't think this is a new scoop.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#128

Post by stcredzero »

colpabar wrote: post #34
raiyu wrote: post #25

If you are testifying remotely, I suppose you are still under oath and have serious consequences for perjury ?

Quoted post unavailable.

More accurately, this doesn't happen except in "egregious" cases. Otherwise, if the judicial system tried to prosecute people for all lies under oath, they wouldn't have time for anything else.

Seriously. Ask someone who works as a judge or a lawyer.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#129

Post by pclmulqdq »

bnt wrote: post #72
pclmulqdq wrote: post #61

Earlier quoted context omitted.

It'll be interesting to see if anything blows back on binance here. If politicians see CZ as having blown up the business of one of their big donors, they may be unhappy enough to do something really dumb.

Yea, like destroying 100s of thousands of small account owners on Binance. Because the guy looks “Chinese” (but he multiple times publicly stated he is not Chinese).

To be fair, CZ was born in China and may have some ties to the Chinese government. He really is Canadian, though.

Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse

#130

Post by whimsicalism »

TechBro8615 wrote: post #16
andrejguran wrote: post #2

If someone has a direct contact to someone from the committee please forward them this video: https://www.youtube.com/watch?v=4o_jPzBZSIo

Here [0] is the current membership of the committee (note it will change in 2023). I don't expect too many tough questions. [0] https://financialservices.house.gov/about/committee-membersh...

> I don't expect too many tough questions.

Wanna bet? He's super unpopular across the aisle and politicians are quick to turn on donors if they are dead in the water.

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